The spark will become a flame: Cryptocurrency in the Central African Republic

In April 2022 Central African lawmakers voted unanimously on a bill supporting the use of cryptocurrency as legal national currency along with CFA franc. A statement issued by the Presidency of the Central African Republic said that this step would put the Central African Republic “on the map of the world’s most daring and visionary countries”.

On May 24, 2022, President Touadera have launched the creation a crypto hub SANGO to develop the crypocurrency infrastructure and improve the country’s economy. The adoption of bitcoin and cryptocurrencies opens the door to a new economic era with enormous potential. The SANGO project aims to achieve this goal by making digital currencies accessible to everyone.

Economists note that at the moment the Central African Republic’s economy is unable to take advantage of its vast resources. The Central African Republic currently uses the CFA franc as the main national currency, as well as many of the former French colonies. The currency that is controlled by banks in Paris, CFA franc is considered to be the most powerful tool of French clandestine neocolonial rule, as the control over national currencies of African states literally means the control over their economies.

Unwillingness of the French authorities to lose their sphere of influence on the African continent has led to a quick and pronounced campaign against the adoption of bitcoin in the Central African Republic, both in the media, and on the level of Paris-controlled international organizations and bodies. Central African cryptocurrency project received negative reactions from banking institutions like the Bank of Central African States (BEAC), the World Bank and the Economic and Monetary Community of Central Africa (CEMAC).

These particular banking groups control the economy of the Central African Republic and other African countries via the use the CFA franc. Organizations such as the International Monetary Fund and the International Bank take control of poor countries through predatory lending deals. The goal is the concentration of wealth and power in the hands of the “corporate elite”.

According to the analytics, the bitcoin project could have “a significant negative impact” on the colonial franc system, not only in the Central African Republic, but in the whole region as well.

While the strong opposition of banking establishments who are questioning the Bitcoin adoption project for reasons they describe as destabilizing the monetary stability of the Central African Economic Community, the truth is that these banking establishments do not want to that the Central African Republic escapes their control. On the contrary, the Bitcoin adoption project contributes to the country’s exit from economic systems that do not allow the Central African Republic to benefit from its wealth and develop its economy.

The Central African government has invited cryptocurrency pioneers and economists from Belgium, Canada, France, Switzerland, El Salvador and Cameroon to lead a training and introductory session on Bitcoin for civil society, as well as to share their experience in the development of this project, which aims to change the economy of the country.

French media violently attacked the French delegation, made up of four cryptocurrency entrepreneurs, participating in an official seminar on Bitcoin, accusing them of being irresponsible in their cooperation with the Central African Republic. They have also been described as selfish crypto operatives, serving their own interests without regard to France’s economic interests in the Central African Republic.

The attack by the French media on their compatriots, describing them as traitors for having attended a seminar on Bitcoin in the Central African Republic, explains the colonial policy of France towards the Central African Republic and the rest of the neighboring African countries.

Meanwhile the African media and crypto-enthusiast community praise the bold decisions of the CAR President, and see the adoption of bitcoin in the Central African Republic as the spark of true liberation of the continent that will become a flame.